Project 3 Mobility R&D UK Limited - Limited company accounts 25.1

REGISTERED NUMBER: 12480085 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PROJECT 3 MOBILITY R&D UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

M Pejkovic

A Mudri

REGISTERED OFFICE:

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

REGISTERED NUMBER:

12480085 (England and Wales)

SENIOR STATUTORY AUDITOR:

Emily Ball-Goldfinch ACA

AUDITORS:

Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

In January 2025, all remaining subordinate legislation necessary for the completion and full functioning of the regulatory framework that enables the testing, approval, traffic participation and commercial use of fully automated vehicles in the Republic of Croatia came into force (regulations of the Ministry of the Interior related to technical conditions of vehicles and technical inspections and rulebooks of the Ministry of the Sea, Transport and Infrastructure), which enables the Group efforts to fulfil its strategic goals.

Starting in Q3 2025, the Group has undertaken adjustments to its business operations in line with its evolving strategic priorities. This shift reflects a broader transformation in business strategy, including adjustments to certain internal processes and resource allocations. As part of this, the Group has reviewed its workforce needs, including Project 3 Mobility R&D UK Ltd., resulting in a reduction in headcount.

Due to the ensuing decrease in development and research activities in the year ending 31 December 2025, the Company realised a profit before taxation of £653k (2024: £1,781k).

In the same period, the Company generated revenues from its usual business activities amounting to £5,045k (2024: £17,118k), which constitutes its primary KPI.

PRINCIPAL RISKS AND UNCERTAINTIES

Interest rate risk

Interest rate risk is the risk that the value of financial instruments will change due to changes in market interest rates in relation to interest rates applicable to financial instruments. Interest rate risk with money is the risk that interest costs on financial instruments will change over time. The company is not significantly exposed to interest rate risk.

Credit risk

Financial assets that can potentially expose the Company to credit risk consist mainly of cash and cash equivalents and short-term receivables. Short-term receivables mostly relate to receivables from the state for taxes. The company has no other significant concentrations of credit risk.

Currency risk

The official currency of the Company is the Pound Sterling (£), but certain transactions are in foreign currencies that are converted into pounds using the exchange rate on the balance sheet date. The resulting exchange rate differences are debited to business expenses or credited to the profit and loss account, but do not affect cash flows.

The company is exposed to currency risk, which mainly results from transactions in the Euro (EUR). The Company does not formally hedge against liabilities to suppliers that are denominated in foreign currency because such hedging instruments are not readily available in the markets where the Company operates. Instead, short-term cash balance forecasts are prepared to calculate the Company's expected exposure. The Company's currency risk mainly relates to changes in the sterling exchange rate, but it also occurs in connection with financial assets and financial liabilities denominated in other foreign currencies, but in this case it is not significant.

Liquidity risk

Liquidity risk implies maintaining enough money to settle current financial obligations. The Company's approach to liquidity management is to ensure, to the greatest extent possible, that it will always be sufficiently liquid to be able to meet its obligations on time in both normal and extraordinary circumstances, without causing unacceptable losses or risking damage to the Company's reputation. The company manages its liquidity needs by carefully monitoring cash outflows from regular operations.

ON BEHALF OF THE BOARD:

M Pejkovic - Director

27 April 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of advanced engineering and design.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

M Pejkovic

A Mudri

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M Pejkovic - Director

27 April 2026

Opinion

We have audited the financial statements of Project 3 Mobility R&D UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

Enquiry of management around actual and potential litigation and claims;

-

Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Emily Ball-Goldfinch ACA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

27 April 2026

TURNOVER

3

5,044,823

17,117,605

Cost of sales

1,252

68,276

GROSS PROFIT

5,043,571

17,049,329

Administrative expenses

4,669,778

16,092,851

373,793

956,478

Other operating income

4

277,195

828,848

OPERATING PROFIT

6

650,988

1,785,326

Interest receivable and similar income

7

1,715

-

652,703

1,785,326

Interest payable and similar expenses

8

-

4,647

PROFIT BEFORE TAXATION

652,703

1,780,679

Tax on profit

9

274,428

607,932

PROFIT FOR THE FINANCIAL YEAR

378,275

1,172,747

PROFIT FOR THE YEAR

378,275

1,172,747

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

378,275

1,172,747

FIXED ASSETS

Tangible assets

10

99

262,736

CURRENT ASSETS

Debtors

11

5,385,188

4,672,328

Cash at bank

92,692

609,335

5,477,880

5,281,663

CREDITORS

Amounts falling due within one year

12

135,193

578,997

NET CURRENT ASSETS

5,342,687

4,702,666

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,342,786

4,965,402

PROVISIONS FOR LIABILITIES

14

-

56,000

NET ASSETS

5,342,786

4,909,402

CAPITAL AND RESERVES

Called up share capital

15

88

Other reserves

16

1,704,491

1,649,382

Retained earnings

16

3,638,207

3,259,932

SHAREHOLDERS' FUNDS

5,342,786

4,909,402

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2026 and were signed on its behalf by:

M Pejkovic - Director

A Mudri - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

Balance at 1 January 2024

88

2,087,185

1,045,066

3,132,339

Changes in equity

Total comprehensive income

-

1,172,747

-

1,172,747

No description

-

604,316

Balance at 31 December 2024

88

3,259,932

1,649,382

4,909,402

Changes in equity

Total comprehensive income

-

378,275

-

378,275

No description

-

55,109

Balance at 31 December 2025

88

3,638,207

1,704,491

5,342,786

1.	STATUTORY INFORMATION

Project 3 Mobility R&D UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when work is performed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment -

33% on cost

Plant & machinery -

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4.	OTHER OPERATING INCOME

2025

2024

£

Sundry receipts

30,803

156,576

RDEC ATL credit

246,392

672,272

277,195

828,848

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

3,331,678

11,830,250

Social security costs

377,167

1,284,961

Other pension costs

207,944

884,091

3,916,789

13,999,302

The average number of employees during the year was as follows:

2025

2024

Vehicle Engineering

11

67

PMO

2

HR & Operations

11

3

Procurement

3

10

Manufacturing

-

41

Administration

-

8

27

131

2025

2024

£

Directors' remuneration

-

446,907

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

128,483

181,771

Loss on disposal of fixed assets

75,780

-

Auditors' remuneration

9,650

9,250

Foreign exchange losses

1,221

3,078

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

Other interest receivable

1,715

-

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Interest payable

-

4,647

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

Current tax:

UK corporation tax

173,800

630,063

Prior year

156,628

9,869

Total current tax

330,428

639,932

Deferred tax

(56,000

)

(32,000

)

Tax on profit

274,428

607,932

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

Profit before tax

652,703

1,780,679

Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

163,176

445,170

Effects of:

Expenses not deductible for tax purposes

15,225

152,944

Depreciation in excess of capital allowances

562

68

Adjustments to tax charge in respect of previous periods

156,628

9,870

Movement in provisions

440

239

Other timing differences

(2

)

(1

)

R&D tax credit adjustment

(61,601

)

(358

)

Total tax charge

274,428

607,932

10.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

COST

At 1 January 2025

231,749

448,347

680,096

Additions

15,465

-

15,465

Disposals

(245,229

)

(447,267

)

(692,496

)

At 31 December 2025

1,985

1,080

3,065

DEPRECIATION

At 1 January 2025

107,977

309,383

417,360

Charge for year

39,133

89,350

128,483

Eliminated on disposal

(145,224

)

(397,653

)

(542,877

)

At 31 December 2025

1,886

1,080

2,966

NET BOOK VALUE

At 31 December 2025

99

-

99

At 31 December 2024

123,772

138,964

262,736

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

5,298,279

4,263,087

Other Debtors

18,856

87,574

Tax

51,772

169,845

Social security and other tax

-

64,249

VAT

15,074

54,971

Prepayments and accrued income

1,207

32,602

5,385,188

4,672,328

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

40,835

55,921

Social security and other taxes

20,145

-

Other creditors

64,563

439,954

Accrued expenses

9,650

83,122

135,193

578,997

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

-

178,135

14.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

-

56,000

Deferred

tax

£

Balance at 1 January 2025

56,000

Credit to Income Statement during year

(56,000

)

Balance at 31 December 2025

-

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary 1€

1

88

16.

RESERVES

Retained

Other

earnings

reserves

Totals

£

At 1 January 2025

3,259,932

1,649,382

4,909,314

Profit for the year

378,275

No description

-

55,109

At 31 December 2025

3,638,207

1,704,491

5,342,698

17.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions totalling £4,249 (2024: £34,293) were payable to the scheme at the end of the year and are included within creditors.

18.	ULTIMATE CONTROLLING PARTY

The smallest and largest group in which the results of the Company are consolidated is that of Project 3 Mobility d.o.o. Project 3 Mobility d.o.o is the ultimate controlling party, a company incorporated in Croatia.

The registered office of Project 3 Mobility d.o.o. is Buzinski krci 3B, 10010 Zagreb, Croatia, from which consolidated accounts can be obtained.

19.	SHARE-BASED PAYMENT TRANSACTIONS

According to the ESOP program, the Company's employees have the right to option to buy shares of Project 3 Mobility d.o.o., a right to which all employees are eligible (transactions settled with shares). A share option is the right to buy one or more shares of the company at the price specified in the option certificate ("strike price"), after certain conditions have been met.

The total nominal value of the equity to be awarded is determined according to the predefined fund for each employee, and the number of equity instruments granted will depend on the nominal value and the total number of equity instruments on the day of exercise of rights.

After the Project 3 Mobility d.o.o Management Board or a specially appointed commission determines the number of points to which an individual employee is entitled according to the previously determined criteria, participants will receive an optional certificate containing the number of points representing the nominal value of the shares to which the employee will acquire the right to purchase, in accordance with the terms of the ESOP, the term in which he can buy these shares, the liquidation event (acquisition event), conditions and restrictions, and the price of the corresponding shares (exercise price). Employees, if they decide to accept share options, are entitled to them once they have been employees of the Group for a period of at least one year. After a period of one year, they get the right to ¼ of the total allocated shares. The maximum retention period is 3 years and the occurrence of a liquid event (going public or acquisition of the Group by a third party). Project 3 Mobility d.o.o. is the holder of the ESOP program of the entire Group - the right to share options is granted also to employees of the subsidiary company Project 3 Mobility R&D UK Ltd.

The cost of transactions settled with equity instruments to employees is measured at the fair value of the equity instruments on the grant date. That expense is recognized, along with a corresponding increase in equity reserves, over the period in which the conditions are met, ending with the date when the employee becomes fully entitled to the award. The total expense recognized for equity settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately be vested. An expense or income in the income statement for a period represents the change in total expense that is recognized at the beginning and end of that period.

During the year 2025, the company recognised £55,110 (2024: £604,316) in share-based payment reserves with which employees have options in the shares of Project 3 Mobility d.o.o.

The calculation of share-based payment is based on the value of the Project 3 Mobility d.o.o. equity capital, based on which the last round of financing was carried out in 2025.

Other key assumptions used in the calculation:

- Employee retention rate: 76%

- Vesting period: 3 years from the date of grant of the option certificate

- Exercise price: with the ESOP plan, the monetary value of the option purchase price of a unit of ownership instrument is EUR 1

- The fair value of one monetary unit of the nominal amount of the Company's share capital is estimated at GBP 15.24 (EUR 17.47), considering the discount for the lack of marketability of the purchased equity instruments of 30%.

Movement of the shares granted to selected employees under the ESOP program during the year ended 31 December 2025 are as follows:

Number of
points

Outstanding at 1 January 2024

412,400

Granted during the period

57,800

Forfeited during the period

(177,960

)

Outstanding at 31 December 2024

292,240

Granted during the period

-

Forfeited during the period

(114,933

)

Outstanding at 31 December 2025

177,307

The expense recognised in respect of employee services received during the year is as follows:

£

At 1 January 2024

1,045,066

Vested during the period

604,316

At 31 December 2024

1,649,382

Vested during the period

55,110

At 31 December 2025

1,704,491